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Globalisation has powered economic growth in developing countries such as China. Global logistics, low domestic production costs, and strong consumer demand have let the country develop strong export-based manufacturing, making the country the workshop of the world.

Over two billion people in China and India need commodities to grow their economies and improve their living standards.

If you have a private firm and you spend a ton of money to pay employees, but what you produce is a flop, there will be no value to GDP. But government spending all gets counted as contributing to economic growth. That's why in the early days of creating these measurements, some people didn't want to count government spending.

We have in-depth knowledge about Chinese industries. We know what's driving the country's economic growth.

I believe growth should be constant, sustained and inclusive. It's only meaningful if these three things are there. Otherwise they're just economic figures.

If you ask an economist what's driven economic growth, it's been major advances in things that mattered - the mechanization of farming, mass manufacturing, things like that. The problem is, our society is not organized around doing that.

There is a strong link between the following three things: exporting, manufacturing and the degree of saving by the population. It's complicated, but if the population doesn't save, the economy will not tend to export as much, and if it doesn't export as much, it won't manufacture enough.

This is the moment when we must build on the wealth that open markets have created, and share its benefits more equitably. Trade has been a cornerstone of our growth and global development. But we will not be able to sustain this growth if it favors the few, and not the many.

It's not enough to have economic growth. You have to distribute wealth throughout all of society.

Ever since the Industrial Revolution, investments in science and technology have proved to be reliable engines of economic growth. If homegrown interest in those fields is not regenerated soon, the comfortable lifestyle to which Americans have become accustomed will draw to a rapid close.